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Bank of Baroda Home Loan Balance Transfer

Home Loan Transfer to Bank of Baroda

Last Updated 16th Apr 2021

Interest Rate6.75%
Processing Fee₹ 10,030
Lowest EMI per lakh₹ 649
Loan Tenure30 years
  • Bank of Baroda offers home loan balance transfer facility at low interest rates starting at 6.75% for a tenure of upto 30 years.
  • Transfer home loan to Bank of Baroda to reduce EMIs and save more on interest.
  • Avail top up from Bank of Baroda at the time of loan balance transfer to fulfil additional fund requirements.
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Bank of Baroda Home Loan Transfer

Bank of Baroda, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Bank of Baroda at lowest interest rates. To transfer your housing loan to Bank of Baroda, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Bank of Baroda.

Bank of Baroda Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Bank of Baroda, compare and calculate all the costs of loan transfer. The table below mentions Bank of Baroda home loan transfer interest rate and other home loan transfer charges of Bank of Baroda.

Home Loan Rates 6.75%
Processing Fees Minimum ₹ 10,030 and Maximum ₹ 0
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Bank of Baroda Home Loan Transfer

To transfer your existing home loan to Bank of Baroda, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Bank of Baroda upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Bank of Baroda and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Bank of Baroda will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Bank of Baroda will be completed.

Eligibility for Bank of Baroda Home Loan Transfer

To transfer your home loan to Bank of Baroda, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Bank of Baroda.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Bank of Baroda.
  • You must be an Indian resident and fulfil the age criteria of Bank of Baroda. The minimum & maximum age to avail a Bank of Baroda home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Bank of Baroda Home Loan Transfer

Here are key features of Bank of Baroda Home Loan Transfer:

  • Lower Interest Rates: Bank of Baroda offers lower home loan rates starting at 6.75% along with ₹ 10,030 processing on home loans. Thus, you can save on your home loan by transferring your loan to Bank of Baroda.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Bank of Baroda, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Bank of Baroda home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Bank of Baroda.

Document Required for Bank of Baroda Home Loan Transfer

To avail of home loan balance transfer from Bank of Baroda, you need to submit the following documents to Bank of Baroda.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Bank of Baroda?

Yes, transferring your home loan to Bank of Baroda is a good idea for home loan borrowers as Bank of Baroda provides lower home loan rates starting at 6.75%.

How can I transfer my Bank of Baroda home loan from one branch to another?

To transfer your Bank of Baroda home loan from one branch to another, you can place your request through net banking/mobile banking. Bank of Baroda also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Bank of Baroda home loan balance transfer?

Yes, Bank of Baroda charges home loan transfer fees such as ₹ 10,030 for Bank of Baroda home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Bank of Baroda home loan balance transfer?

If you apply for a home loan transfer to Bank of Baroda, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Bank of Baroda home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Bank of Baroda home loan balance transfer?

To know your Bank of Baroda home loan status, you can call Bank of Baroda home loan customer care number or visit Bank of Baroda official website to check the status.


Bank of Baroda Home Loan News - Apr 2021
  • 2021-03-25 : Bank of Baroda reduced its home loan rates
    With effect from 15 March 2021, Bank of Baroda revised its home loan rates. The new home loan rates start at 6.75%.
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2020-12-28 : BOB launches Digital Lending Platform
    Bank of Baroda launched the Digital Lending Platform. The platform will allow to enables prospective customers to avail retail loan like home, personal, car, gold and two-wheeler and education loans digitally. The main objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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